Dahlman Rose Reiterates Buy, $20 PT on Costamare

Dahlman Rose maintains its Buy rating and $20 price target on Costamare CMRE as the company's earnings for the quarter came ahead of forecast. Dahlman Rose notes, "Costamare reported 4Q11 EPS ex-items of $0.54, ahead of our and the consensus estimate of $0.46. Adjusted voyage revenues of $109.1MM came in ahead of our $107.5MM forecast, and OPEX of $27MM was below our $30MM projection. ... We estimate Costamare's fleet will generate operating cash flow of $2.80/share in 2012 and that the company's fully-delivered fleet will generate OCFs in excess of $4.00/share." CMRE closed at $14.55 a share yesterday.